6700 & 7022 Capital Boulevard, Raleigh, NC 27616

Foundry Commercial, a North Carolina broker, has been retained as the exclusive agent for the owner

of 540 North (the “Property”), a ±130.24-acre development opportunity located adjacent to I-540/ Capital Boulevard in Raleigh, NC. 540 North is zoned CX-5-CU allowing for by-right residential and commercial development. The CX zoning designation does not specify density maximums, however, the conditional uses limit multifamily development to the portion of the property south of Perry Creek. Additionally, the maximum allowed commercial usage of the site is 250,000 SF. Due to size and flexible zoning designation, the site provides an ideal mix of varying degrees of residential density as well as supporting commercial uses.

Per the zoning conditional uses, the developer will be required to connect Triangle Town Boulevard with the north adjacent neighborhood and the east adjacent neighborhood. Additionally, the City of Raleigh has identified Triangle Town Boulevard to be extended to the northwest of the site up to Capital Boulevard. The planned roadway connections will provide for further connectivity to neighboring areas as well as Triangle Town Center to the south of the site. The roadway connections will provide a direct connection to Triangle Town Center as well as the nearby Walmart Supercenter, Target, and other retail and shopping amenities.

The immediate area surrounding the site has seen immense growth in the last few years evidenced by over 1,000 multifamily units proposed and/or under construction and over 500 planned single-family residences within two miles of the site. The demand remains strong for new product with low vacancies averaging 6% for stabilized multifamily  product and over 189 new construction single-family sales in the last 12 months. The site is strongly supported by robust absorption and average townhome sales pricing of $362,000 and $553,000 for detached homes. For the multifamily portion of the site, nearby comparables are commanding nearly $1,652 average chunk rent ($1.61 PSF). With the cost of for-sale product ranging from $362,000 to $550,000, achievable rents for for-rent product provide an appealing delta of approximately $900 per month when compared to new construction townhome/single-family home sale prices.